Ahmed Samy Abdel Fattah
The COVID-19 crisis still brings negative effects on the global economy, especially in the field of tourism, which forced the majority of the world to impose restrictions on movement, as airlines reduced their flights. The Turkish economy, which relies on tourism as a mean for obtaining foreign currency, is now greatly damaged.
In this regard, Turkey announced a new plan coinciding with the decline in the value of its local currency to its lowest level in years against the US dollar, and this plan aims to revive the tourism sector that was affected by the Corona result.
The program includes 132 criteria to be complied with, such as social distancing, which might not be as effective because this will not be comfortable for tourists and is an indicator that the possibility of getting infected still exists.
It is worth noting that Turkey is trying to redirect the corona’s impact on the tourism sector in a way that serves its own benefit. In other words, the decline in the tourism sector contributed to reducing the availability of foreign exchange in the Turkish economy, which led to the deterioration of the lira.
Turkish affairs expert Mohamed Rabea has told The Reference in an interview that the Turkish economy is facing a major challenge, especially in light of the high budget deficit, high levels of inflation and the devaluation of the lira.
The Turkish deficit grew to 43.7 billion liras ($6.4 billion) in March from 24.5 billion liras in the same month of 2019, the Treasury and Finance Ministry has said.
It is worth noting that the Turkish economy is facing a recession that will be its second in less than a year, due to the COVID-19 pandemic, after stagnating in the second half of 2019.
Also, Turkey recorded a 14% unemployment rate in January, and will likely increase significantly due to the pandemic as well.
While the total Turkish external debt reached more than $328 billion, since the beginning of the new millennium until the end of 2018, amid an increase in the value of currency-denominated debt, in conjunction with a sharp decline in the value of the Turkish Lira.
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